It is not uncommon for the number of new and active listings to decrease during the holidays. As with Rocky Hill condos, the average days on market and the percentage of listings with price reductions increased after June, 2010, the expiration of the First Time Home Buyer Tax Credit (for most buyers). However, the supply time for current inventory (homes on the market) decreased from a high of 12.2 month at the end of April to 6.1 months at the end of December. At first blush a reduction in the supply time may seem in contradiction with an increasing average days on market. However, the supply time as decreased because there are fewer homes on the market, but the homes that are on the market have been, on average, for five+ months.
December 2010 Market Activity
|On Market||Pending Sales||Closed Sales|
|December Volumes||5 New Listings||8 New Contracts||11 Closed This Month|
|Total Volumes||47 Active Listings||14 Pending Sales||90 Closed This Year|
|% With Price Reductions||40.42%||50.0%||34,44%|
|Average Days on Market||156 days||100 days||57 days|
As with condos, there is a direct correlation between list price and average days on market. Homes priced in the market sell very quickly. Homes priced with room to negotiate take longer to sell. 10 of the 11 homes that closed in December were on the market for less than 60 days before they received a contract, and 6 of the 11 did not have a price reduction and sold within the first 30 days they were on the market. I believe these statistics show the importance of price at time of listing.
If you would like more information about the Rocky Hill Single Family Home Market, please call me on cell, 860-305-8044, or via email at email@example.com. Please feel free to share your thoughts in the comments section below, or on my Facebook page, Maria Hagan’s Living in Greater Hartford.
Maria HaganPrudential Connecticut Realty 1142d Silas Deane Hwy Wethersfield, CT 06109 Cell: 860-305-8044 Email: firstname.lastname@example.org